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Wipro Ltd.

BSE: 507685 Sector: IT
NSE: WIPRO ISIN Code: INE075A01022
BSE 00:00 | 24 Apr 2020 Wipro Ltd
NSE 05:30 | 01 Jan 1970 Wipro Ltd

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OPEN 181.00
PREVIOUS CLOSE 181.15
VOLUME 127142
52-Week high 301.55
52-Week low 159.60
P/E 11.70
Mkt Cap.(Rs cr) 101,499
Buy Price 177.65
Buy Qty 71.00
Sell Price 178.20
Sell Qty 300.00
OPEN 181.00
CLOSE 181.15
VOLUME 127142
52-Week high 301.55
52-Week low 159.60
P/E 11.70
Mkt Cap.(Rs cr) 101,499
Buy Price 177.65
Buy Qty 71.00
Sell Price 178.20
Sell Qty 300.00

Wipro Ltd. (WIPRO) - Chairman Speech


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Company chairman speech

Dear Stakeholders

This year we embark on our 75th year of creating value for ourstakeholders. It is an important milestone for us and we take great pride in how Wipro isan exemplar of a successful ethical and a socially responsible organization. If we lookback at the Wipro journey in the last seven decades from a small vegetable oil company toa leading information technology company that we are today we have evolved by constantlyre-inventing ourselves and creating newer opportunities. This has been possible because ofthe deep commitment and hard work of Wiproites and the core values that have remained ourguiding light.

Along the journey we have focused on continuous evaluation of thecapabilities we need to win. This year as a part of the strategic plan exercise weidentified four technologies that will lead us into the future - Digital CloudEngineering Services and Cyber Security. Based on the approval from the Board we havedecided to step up our investments significantly in these four big bets. Furthermore wealso divested our datacenter business which has improved our return on capital employed.

We are committed to enhancing value for our stakeholders.

Our EPS for the year ended March 31 2019 grew by 18.6% YoY which wasthe best in the last 5 years. We improved our working capital substantially and our freecash flows was robust at 106% of our net profits. We have a capital allocation philosophyof providing regular and stable payout to investors keeping two important considerationsone that of building long term stakeholder value and two that allows us to make requiredinvestments for future growth. Consistent with this philosophy we declared a dividend of र 1 per share completed a bonus issue of one equity share for every three held in March2019 and also announced a buyback of र 105 billion through buyback to the shareholdersin April 2019. The shareholders have approved the proposal to buyback equity shares of thecompany and the process is likely to be completed by August 2019.

As a large technology company which employs 170000+ people we havethe responsibility to drive an inclusive growth. Technologies like digital and AI aredisrupting the way services are rendered and the ability to learn becomes vital for ouremployees. At Wipro we have made significant investments in re-skilling our employees indigital technologies. There are three levels of training that start from awarenessprograms extensive learning programs through virtual labs and immersive programs thatprovide opportunities to build deep expertise. We are also using TopGear our sociallearning and crowdsourcing platform as a workforce transformation tool as it has 2000+learning assignments across 200+ skills. Today we already have 55000+ employees onTopGear. Localization is an important initiative we are driving to create a globaldiverse and distributed talent base. In the last few years of running this program we havesuccessfully localized all our major markets like USA UK Australia Canada SingaporeAfrica and Middle East.

We are acutely aware that much of the economic progress in the worldhas come at the cost of climate change and therefore we have a responsibility towardscreating a sustainable community. We have significantly scaled up renewable energy for ouroperations contributing to 40% of our total consumption. Recycled water now contributesto 42 % of our total water usage. Education has been the primary focus of our work forclose to two decades now. Till date we have partnered with 166 organizations working inschool education. Wipro Earthian a sustainability education program focused on water andbio-diversity has reached out to 8600 schools over the last nine years. The WiproScience Education fellowship in the USA which we started in 2013 works in seven sitesacross 35 school districts on improving STEM learning in schools serving disadvantagedcommunities. This year we are collaborating with Kings College London and SheffieldHallam University to provide rigorous continuous professional development to STEM teachersworking in government designated ‘opportunity areas' in the UK which bydefinition have a high proportion of failing-schools.

Through Wipro cares our employee giving program we have worked oneducation for disadvantaged children and children with disabilities and worked withpartners who provide quality primary health care services to underserved communities. Myown thinking of wealth & philanthropy is that we must remain ‘trustees' ofour wealth for society not its owners. As announced earlier I have irrevocably renouncedmore of my personal assets and earmarked them to the endowment which supports the AzimPremji Foundation's philanthropic activities. The total value of the philanthropicendowment corpus contributed over time is ~USD 21 billion which includes 67% of economicownership of Wipro Limited.

We remain committed to building a glorious future.

I am pleased to share that Rishad Premji Chief Strategy Officer andMember of the Board will take over as the Executive Chairman of Wipro Limited with effectfrom July 31 2019. Rishad brings to this role new ways of thinking experience andcompetence that will lead Wipro to greater heights. He has been an integral part of theleadership team since 2007 and has a deep understanding of the company businessstrategy culture and heritage. He is also deeply committed to the values which form thebedrock of Wipro. I will continue to serve on the Board of Wipro Limited as Non- ExecutiveDirector and Founder Chairman while dedicating most of my time and energy to thephilanthropic efforts of the Foundation.

Leading Wipro from 1966 till now has been the greatest privilege of mylife it has been an extraordinary journey. I want to thank the generations of Wiproitesand their families for their contribution towards building our company to what it istoday. I am grateful to our clients partners and other stakeholders who have reposedtrust and confidence in us.

Wipro will continually transform to scale new heights as the worldchanges while remaining firmly committed to its values. I am confident that the future ofWipro will far outshine anything that we have done before.

Very Sincerely

Azim Premji


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